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Private or Alternative Loans

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An education loan is a form of financial aid that must be repaid, with interest. Education loans come in three major categories: Federal Direct Loans, Federal Direct PLUS Loans, and Private Education Loans (also called alternative student loans).

Private Education Loans help bridge the gap between the actual cost of your education and the limited amount the government allows you to borrow in its federal programs. Private education loans tend to cost more than the education loans offered by the federal government, but are less expensive than credit card debt. Since federal education loans are less expensive than and offer better terms than private student loans, you should exhaust your eligibility for federal student loans before resorting to private student loans. BORROW FEDERAL FIRST !!

A list of Private Education Loans can be found at:

http://www.studentlendinganalytics.com/alternative_loan_options.html

This page provides a basic comparison chart that highlights the key characteristics of the major Private Education Loans. We encourage you to review the information from multiple lenders before you make a decision on the loan that is right for you. Loan applicants are not required to use these lenders and may select any participating lender of their choice.

Implemented in February 2010, the Truth in Lending Act has new provisions that have resulted in a number of changes in regards to applying for and receiving private or alternative student loans. Lenders who provide these loans must comply with the following:

• Lenders must provide 3 separate loan disclosures to borrowers; one at the point of application, one when the loan is approved and one before the loan is disbursed.
• A waiting period of 3 business days is required between the time the borrower receives the final loan disclosure and the time the loan is disbursed.
• Students must also sign an Applicant Self-Certification form and submit it to the lender before the loan can be disbursed.

• Your lender should provide you with a copy of the required Applicant Self-Certification Form. If you do not receive one from your lender, you can download the form here. If you download the form here, we recommend that you contact your lender for your application ID or other identifier that will help the lender match the form with your application.
• You will need to know your cost of attendance and estimated financial assistance, to complete the Applicant Self-Certification form. If you receive financial aid, this information can be found through your MyUSI @ https://www.usi.edu/start/index.asp >Self Service > Financial Aid > Financial Aid Status > Cost of Attendance.
• If you are not receiving financial aid, use the estimated cost of attendance figures at www.usi.edu/finaid. Select the Cost tab and then select the appropriate academic year.

Your loan cannot be disbursed until your lender receives your Applicant Self-Certification Form.

2012-2013 Academic Year

Fall/Spring: 08/30/2012 - 05/08/2013

Fall Only: 08/30/2012 - 12/12/2012

Spring Only: 01/14/2013 - 05/08/2013

NOTE: We will begin certifying loans for the 12/13 award year in July.

2013 Summer

Summer: 05/15/2013 - 08/16/2013

Note: We will begin certifying summer loan applications in May 2013. Failure to provide an accurate loan period on your application can result in a delay in processing.

USI Student Loan Code of Conduct